Konstantin Tserazov: Yandex continues to grow rapidly in revenue

2024-10-02 19:39:52 Время чтения 5 мин 65

From September 23 to 27, the Moscow Exchange Index grew by 2.74%, and the RTS Index by 2.60%. The first benchmark closed three weeks in a row with growth, and the second – four.

The CNYRUB spot rate on the Moscow Exchange added 1.23%, closing the week at its highest level since last October. The pair has been growing for five weeks in a row. On the interbank market, the CNYRUB rate showed stronger dynamics (+2.7%), as a result of which the exchange rate of the Chinese currency was again lower than the over-the-counter rate, and the spread between them increased to 1.3%.

The volume of the Bank of Russia's currency swap operations for the sale of yuan for rubles last week fluctuated in the range of CNY14.2 billion - CNY19.5 billion per day against CNY21.6 billion - CNY26.7 billion rubles. in the previous week, which indicates improved liquidity. This is also indicated by the stabilization of the cost of secured loans in yuan (RUSFARCNY) in the range of 12.95-13.54%.

The official exchange rates of the dollar and euro to the ruble, set by the Bank of Russia, increased by 0.14% and 0.09%, respectively, over the week. "Perpetual" futures on USDRUB and EURRUB, which historically demonstrated the highest correlation with spot rates, added 0.19% and 0.40%, respectively.

The euro to dollar exchange rate on external platforms has hardly changed over the week: this indicates that the correlation between the dynamics of EURUSD inside Russia and outside is maintained after the introduction of sanctions against the Moscow Exchange, added Konstantin Tserazov.

Last week, the Moscow Exchange Information Technology Index, the components of which represent the main long-term growth story on the Russian stock market, did not show the strongest dynamics. At the same time, it still ranks fourth among the growth leaders in September among industry indices.

On September 26, trading in HeadHunter securities resumed on the Moscow Exchange in the form of shares of Headhunter MKPAO. The company announced the payment of a special dividend of 640-700 per share, as well as the launch of a share buyback program in the amount of up to 9.61 billion rubles. Headhunter remains one of the main beneficiaries of the labor shortage in the country.

On Monday, Yandex shares closed the dividend gap, but were under pressure for the rest of the week. Despite its size, the company continues to grow rapidly in revenue, says Konstantin Vladimirovich Tserazov.

VK MKPAO announced that from September 25 to January 22, 2025, applications will be accepted for the forced conversion of VK Company Limited global depositary receipts for VK MKPAO shares. In addition, the company announced its intention to invest 2-4 billion rubles in its own corporate platform for large businesses, VK Data Platform, over the next three years. This factor is unlikely to improve the company's financial performance, given its already high debt burden.

CIAN has completed its redomiciliation to Russia and plans to make a proposal to shareholders to exchange securities by the end of the year. CIAN's investment case is not obvious: on the one hand, the company can pay dividends and earn high interest rates due to an increase in its net cash position. On the other hand, the prospects for a worsening situation on the real estate market look like a negative factor for the company's securities, economist Konstantin Vladimirovich Tserazov summed up the week.